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Duncan Hayes is a Principal in Bates White’s Finance Practice. He has extensive experience processing and analyzing large and complex data sets for a variety of matters across the finance industry, including litigation and government investigations related to benchmark interest rates, swaps, and options; foreign exchange trading; securities issuance; treasury futures; and mortgage, commercial real estate, and student loans, among others. He has supported both consulting and testifying experts across a range of matters in the finance and antitrust spheres, with a focus on market manipulation and financial cartels.


BS, Economics, Schreyer Honors College, Penn State University


Selected Work

Selected Experience

  • Supported the expert on behalf of the Washington state Attorney General in Washington Attorney General v. Google LLC. Estimated excess revenue Google received from collecting user location data in Washington. 
  • In LIBOR-Based Financial Instruments Antitrust Litigation–The OTC Action, supported the testifying expert in writing the class certification and rebuttal reports. Analyzed data from several large financial institutions containing derivative trades and cash flow. Processed and analyzed data on investment bank borrowing and lending activity.
  • In Consumer Financial Protection Bureau v. Navient Corporation et al. analyzed 16 TB of data, containing over 46 billion records and millions of borrowers over a decade, on behalf of the CFPB to evaluate potential damages incurred by student loan borrowers due to issues with the loan servicer. 
  • In In re Dealer Management Systems Antitrust Litigation, supported the expert on behalf of CDK Global to review and evaluate liability opinions of multiple plaintiff expert reports and analyze the conduct of CDK and Reynolds to assess the merits of plaintiffs’ allegations.
  • Provided support to the expert on behalf of Residential Funding Company, LLC, and the ResCap Liquidating Trust in a number of lawsuits consolidated in Minnesota and New York courts. Analyzed losses on mortgage-backed securities due to faulty underwriting and loan issuance processes.
  • Provided consulting support to a federal regulator investigating front-running in the FX market. Processed and analyzed data on FX trading in the spot, options, and futures markets. 
  • Supported the consulting expert for a federal regulator in an investigation of potential spoofing in financial markets. Analyzed trade, order, and limit book data sets to determine whether the data were consistent with the alleged conduct; developed methods to identify at-issue trading in both the spot and futures markets. 
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